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Technical Outlook:

Nifty (Spot):

Nifty respected its 200-DMA and then witnessed a smart rally. On the upside, 17450 is an immediate and important resistance level which is a cluster of 50 and 20-DMA while 100-DMA of 17630 will be the next hurdle. On the downside, 17190/17090 should act as immediate and strong support levels.

Banknifty (Spot):

Banknifty also respected its 200-DMA and manages to close above its 20-DMA of 38150. If it manages to trade above 38150 then we can expect a move towards the 39000-39500 zone. On the downside, 37500-37000 will act as a strong support zone.

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